Gas prices drop below $3, trend expected to continuePosted: Updated:
VALLEYWIDE -- Creeping up on a 2014 low, gas prices have dropped below the $3 mark at many Arizona stations
"One contributing factor is this year’s Atlantic hurricane season is turning out to be the quietest since 1983, with only six named so far and no tropical storms," according to AAA Arizona.
Last year, there were 14 major storms.
Atlantic hurricanes can disrupt operations at oil refineries, which drives gas prices up. That has not happened this year.
The price of crude oil is a factor, as well.
"Crude prices are trading in the mid-$80 per barrel range, which hasn't happened in two years," said Linda Gorman, AAA Arizona's director of communications and public affairs. "With supplies continuing to outpace demand and low crude oil costs, drivers should continue enjoying lower pump prices, barring unforeseen circumstances."
The downward trend is great news for consumers.
"American drivers will have a bit more money to spend or use on savings as gas prices continue to fall," said AAA spokesman Avery Ash. "It is a nice relief for most of us to pay a little less than in recent years to fill up at the gas station."